New York City Sues BP For Pension Losses Over 2010 Gulf Oil Spill

New York City has sued BP Plc for more than $39 million of losses it claims beneficiaries of the city’s pension funds sustained due to BP’s “misconduct and fraudulent behavior” linked to the 2010 Deepwater Horizon oil spill. The city’s comptroller John Liu said:

BP failed to disclose to shareowners the serious risks involved in its offshore drilling operation. After the spill began, it misleadingly attempted to minimize the extent of the damage and the cost to shareowners. The estimated transactional investment losses to City pension beneficiaries caused by BP’s misconduct and fraudulent behavior exceed $39 million

The lawsuit, filed in the Southern District of New York, alleges BP failed to disclose facts about the dangers involved in offshore drilling operations, the extent of the leak and the estimated cost of the cleanup costs.